The Internal Revenue Service (IRS) has confirmed that recipients of VA benefits will automatically receive Economic Impact Payments (that’s the official name, although most taxpayers refer to them as stimulus checks). That means that veterans and their beneficiaries who receive Compensation and Pension (C&P) benefit payments from VA will receive a $1,200 Economic Impact Payment with no…
The Internal Revenue Service (IRS) has announced that tax relief is available – retroactively – for veterans who received disability severance pay after January 17, 1991, and included that amount as income on their taxes. Approximately 130,000 separated military members who received disability severance pay as income may be affected. Typically, Disability Severance Pay is…
It’s my annual “Taxes from A to Z” series! Next up: V is for Veterans’ Benefits Under the Tax Code, income is reportable and taxable unless otherwise excluded. Fortunately, when it comes to veterans’ benefits, those paid under any law, regulation, or administrative practice administered by the Department of Veterans Affairs (VA) are completely excludable….
Last week, my brother returned home to his family after his most recent deployment. He is active duty in the U.S. Navy and I know that we are lucky that, for the last twenty years or so, he has come back every time he has shipped out. The family of 19-year-old U.S. Army soldier Adrian…
Happy Veterans Day! As we salute the men and women who keep us safe, here are a few tips for how you can say thank you (and maybe even get a tax break)…
It’s Back To School Week on the blog! All week long, I’ll be answering your questions about school and tax – complete with fun giveaways. Next up: the G.I. bill provides educational assistance to veterans – but are those benefits taxable?